The VOSco Sunrise is a dry cargo vessel owned by VOS
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Specifically, on February 27, 2024, HOSE received a letter from VOS announcing the implementation of Resolution No. 107/NQ-HDQT dated March 8, 2023, regarding the approval of the 2023 business plan and the profit distribution plan for 2022.
Based on the provisions at point d, point 3, clause 1 of Article 11, and clause 1 of Article 15 of Circular 96/2020/TT-BTC dated November 16, 2020, guiding the disclosure of information on the stock market: “Organizations listed on the stock exchange, large-scale public companies must disclose abnormal information within 24 hours, from the time: Decisions on dividend rates, dividend payment methods, dividend payment dates; decisions on stock split, stock merger… Decisions on… strategies, medium-term development plans, and annual business plans of the company”.
Therefore, VOS has not disclosed information about the production and business plan for 2023 and the profit distribution plan for 2022 within the prescribed time. Through this event, HOSE also reminds VOS to seriously comply with the legal provisions in the securities market to ensure the rights and interests of shareholders.
In response to this issue, VOS explained on March 8, 2023, the Board of Directors issued Resolution No. 107/NQ-HDQT, including the content of reviewing the draft plan for 2023 and the profit distribution plan for 2022. This is the draft content to request the opinions of Vietnam Maritime Corporation – Joint Stock Company (Vinalines, UPCoM: MVN), the major shareholder holding 51% of the charter capital, for approval before submitting to the General Meeting of Shareholders for approval. Since it is content that has not been approved, VOS does not disclose the information.
Therefore, after more than 2 months after the end of the 2023 financial year, VOS finally announced the resolution of the Board of Directors approving the production and business plan, corresponding to a delay of nearly 1 year in disclosure.
Regarding the recently announced business results for 2023, VOS recorded a record revenue of nearly 3.2 trillion VND, an increase of 32% compared to the previous year. This is also the highest revenue level in the history of the Company’s operations, thanks to contributions from commercial activities.
However, the loss in the third quarter of 2023 led to a 68% decrease in net profit for the whole year, with only over 155 billion VND. VOS stated that due to the difficult dry cargo and container ship markets for most of the year, the full-year profit for 2023 was lower than in 2022.
* Record revenue in 2023 but VOSCO’s net profit is less than 1/3 compared to the previous year
